Switzerland remains a magnet for luxury buyers

Switzerland remains a magnet for luxury buyers

According to an analysis published today by consulting firm EY, the luxury market in Switzerland grew by 3.5% in 2024, reaching a volume of 5.4 billion Swiss francs, writes swissinfo.

One of the most interesting findings of the study is that only 53% of luxury purchases in Switzerland are made in physical brand stores, compared to an average of 75% in other countries. This indicates a stronger orientation towards online shopping.

However, what gives the Swiss market a unique characteristic is the approach of young consumers to the shopping experience. “The survey results clearly show how central the brand experience has become for consumers,” said Fabian Wehren, an expert at EY, in a press statement.

According to him, nine out of ten Gen Z respondents in Switzerland are willing to pay for an exclusive retail experience, which represents one of the highest percentages in the world.

Wehren emphasizes that “especially in Switzerland, where luxury goods are purchased online more often than average, there is a need to catch up in terms of the digital consumer experience.” According to him, to remain competitive in the long term, the luxury industry needs to invest more in innovative technologies, including artificial intelligence and new business models, albinfo.ch reports.